IDG invests $4m in China Weipass Series A round
IDG Capital Partners has provided a $4 million round of Series A funding to China WeiPass, a smartphone app for payment verification.
Users can download a WeiPass app and receive e-coupons sent from merchants. Meanwhile, merchants can scan the Quick Response (QR) Code for registering customers or redeem e-coupons stored in the app.
According to Technode, WeiPass has established a partnership with Sina's payments service and Gaopeng, a joint venture between Groupon and Tencent. Gaopeng has about 13,000 merchant partners, including 5,000 restaurants in first-tier cities, that have adopted WeiPass.
WeiPass founder Li Yan previously invented Emay Softcom, a mobile commerce solution provider in 2011. IDG Capital is said to be among the investors.
Set up at 1992, IDG Capital Partners is a joint China investment venture between media giant International Data Group (IDG) and Accel Partners. It plans to acquire MEMSIC, a NASDAQ-listed micro electromechanical system (MEMS) solutions provider thought IDG-Accel China Capital II and its affiliates for approximately $88.5 million.
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